The introduction of a federal minister for artificial intelligence (AI) and digital innovation is an encouragement for Canadian businesses implementing an AI-focused digital strategy—and potentially a spur for reticent companies to ramp up AI integration efforts.
In addition to managing how the federal government utilizes AI, another aspect of this new ministry involves supporting and motivating those in the private sector to use the technology to become more efficient while generating stronger insights.
Canadian businesses that are already leveraging AI should feel reaffirmed that other major institutions are responding in a similar manner to the future of AI as an operational essential.
The creation of this ministry also offers an example for hesitant businesses to see how a major Canadian institution can explore thoughtful, risk-conscious AI incorporation. Otherwise, the risk of being left behind grows exponentially.
Here is a look at what Canadian businesses should keep in mind as they work to holistically implement AI into their operations.
Key considerations
Codifying an AI-focused digital strategy and designating someone to lead it is a strong place to start. Examining where your business is best positioned to leverage AI should allow for the most seamless integration.
Conversely, any plan must be cognizant of internal restrictions and limitations. These limitations can be challenged—or at the very least, navigated around—in order to have a clearly defined approach to digital adoption.
Internal alignment on how this technology is used is another essential element to a sound strategy. This involves maximizing your existing talent who will be working with AI frequently, with the potential to bring in dedicated practitioners with strong expertise in the technology and its use.
The arrival of Canada’s first AI minister comes as businesses across the country are pushing to be global leaders in this space. Supporting strategic partnerships and encouraging ongoing education are important, while looking to the influx of new graduates with specialized AI training and foundational skills is key to bolstering future growth.
Since the benefits of leveraging AI come with commensurate risks, it’s critical for businesses to incorporate the proper cybersecurity protocols to protect themselves. Establishing data infrastructure and other controls are essential—as is being aware of emerging AI applications and further disruptions that are likely to emerge.
It’s also critical for business to stay apprised of policy updates from the new ministry so they can maximize new opportunities and remain mindful of potential restrictions
The takeaway
When Jensen Huang, the CEO of global tech giant Nvidia, refers to Canada as “the epicentre for the invention of modern AI,” businesses should feel further validated in their decision to embrace the technology into their operations.
Investing in their own AI incorporation and leveraging a robust, domestic talent pool can position Canadian businesses to make the most out of the opportunities afforded by AI.
Enthusiasm and necessity should not come at the expense of due diligence. Hesitant companies should consider a cautious, risk-mitigating approach to incorporating AI while businesses that already leverage it should ensure the appropriate safeguards are in place.
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